The Securities & Exchange Board of India (SEBI) will appoint an international management consulting firm as it is searching for ways to redefine its role in the changing Indian financial sector.

The SEBI hasn’t signed an agreement with any of the bidders, but it has hinted the appointment of consultant Oliver Wyman, which has scored the highest marks for the technical bid.

Oliver Wyman is expected to submit a final report within nine months to come. In the subsequent eighteen months, the consultant firm will provide the Indian capital market regulator with project management support for implementation.

Over the next five to 10 years, the international consultant will also help the SEBI in re-prioritizing its focus areas, and re-designing its organizational structure to make it more fitting with the changes in the financial sector. To help the regulator re-design its structure, the consultant will review its structure, role, functions and vision in a project spanning 27 months.

Identifying particular areas where the securities markets can be further strengthened, and studying the inter-linkages between the SEBI and other regulatory bodies of the country will also be included in the scope of the project.

Economy observers are of the view that reviewing of the SEBI’s human and technological resources will reinforce confidence among capital market participants.